Singapore Personal Income Tax to Increase to 24% for S$1 Million Earners & 23% for S$500k Earners, Impacts 1.2% of Taxpayers

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Singapore Personal Income Tax to Increase to 24% for S$1 Million Earners & 23% for S$500k Earners, Impacts 1.2% of Taxpayers

19th February 2022 | Singapore

Singapore Budget 2022 announced by Singapore Finance Minister Lawrence Wong, will be increasing personal income tax from 22% to 24% for above S$1 million in chargeable income and to 23% for above S$500,000 in chargeable income.  Currently in Singapore, the personal income tax rate for in excess of S$320,000 in chargeable income is 22%.  This increase which will start from the Year of Assessment 2024 (income earned in 2023), will impact the top 1.2% income taxpayers in Singapore and is expected to raise $170 million in tax revenue per year.   Property tax for non-owner occupied residential properties will also be increased from 10% -20% range to 11% – 27% in 2023, and to 12% – 36% in 2024.  Property tax for owner occupied tax will also be increased from 4% – 16% to 5% – 23% in 2023, and 6% – 32% in 2024.  The property tax is expected to raise revenue by S$380 million a year.   Luxury car tax rate will also be increased, with a new additional registration fee (ARF) at a rate of 220% for cars with open market value in excess of S$80,000.  The luxury car tax increase is expected to generate S$50 million in tax revenue. 

“ Singapore Personal Income Tax to Increase to 24% for S$1 Million Earners & 23% for S$500k Earners, Impacts 1.2% of Taxpayers “

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